Greek refineries have committed to contributing €40 million — €20 million each from HELLENIQ Energy and Motor Oil — to help ease fuel price pressures, according to Deputy Prime Minister Costas Hatzidakis. Speaking on ERTnews, Hatzidakis explained that the measure follows recent upward trends in fuel prices observed since early July and forms part of the government’s coordinated response with the refining sector.
Targeted Price Reductions
The €40 million contribution will be used by the government to reduce the retail price of regular unleaded gasoline by 10 cents per litre and diesel for road use by 5 cents per litre — effective from next week until the end of August. The measure carries no fiscal cost to the state, Hatzidakis stressed.
The reductions are calculated relative to current (as of 10 July 2026) retail prices. Because pump prices fluctuate daily — influenced by international crude and refined product prices, as well as the euro–dollar exchange rate — the actual benefit to consumers may vary. If global prices rise before the measure takes effect, the gap between pre- and post-intervention prices will narrow accordingly. Conversely, if international prices fall, the reduction will be larger, delivering additional savings to drivers.
“In any case,” Hatzidakis emphasized, “consumers should know they will pay 10 cents less per litre for gasoline and 5 cents less for diesel than they would have without this joint government–refinery intervention.”
Implementation Timeline and Transparency
Technical details of implementation — including coordination with the Ministry of National Economy and the refineries — will be finalized and announced next week to ensure the price cuts are applied as soon as possible.
Hatzidakis also noted that fuel prices had recently eased following a diplomatic agreement in the Middle East, which helped stabilize global markets. This trend is visible on the official fuelprices.gr portal run by the Ministry of Development, where daily updates are published on international benchmarks, refinery gate prices, wholesale prices to service stations, and regional retail prices by station.
However, new developments — including increased global demand for transport fuels driven by summer tourism, Russia’s export ban on diesel, and delays in restoring damaged Middle Eastern refineries — have reignited upward pressure on international markets. “So instead of waiting,” Hatzidakis concluded, “we chose to act immediately.”